Canada’s Economy Shrinks on Worst Factory Output Since 2013
- GDP falls 0.3% in October, missing forecast of flat growth
- Report adds to evidence country may need more stimulus
A mechanic makes repairs and swaps out blades on a cutting machine a ta mill in Thunder Bay, Canada, Ontario, on Friday, Jan. 8, 2016.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
Canada’s gross domestic product shrank unexpectedly in October as factories suffered their worst month in almost three years, adding to signs the country’s outlook is worsening.
Output fell 0.3 percent, Statistics Canada said Friday in Ottawa. Economists surveyed by Bloomberg expected a flat reading, but widespread declines in goods-producing industries contributed to the largest monthly drop since May.